Canadian miner Nevsun says Lundin's bid undervalues the company

Euro Sun Mining

17/07/2018 12:57

July 17 (Reuters) - Nevsun Resources Ltd  NSU.TO  said on
Tuesday rival Lundin Mining Corp's  LUN.To  most recent offer to
buy the base metals miner ignores the "fundamental value" of the
company and its assets.
    Nevsun's Chief Executive Officer Peter Kukielski said in a
statement that Lundin's notional takeover offer represents only
a 13 percent premium to Nevsun's closing trading price on
Monday.  urn:newsml:reuters.com:*:nPn2gXNGDa
    Nevsun's shares had closed at C$4.21 on Monday.
    Nevsun's response comes a day after Lundin made its offer,
its second in three months to buy Nevsun. The company said that
it had not yet received a formal offer.  urn:newsml:reuters.com:*:nL4N1UC56H
    Lundin's C$1.4 billion bid is about C$100 million lower than
its previous offer in May. 
    Cash-rich Lundin has been eyeing Nevsun's large high-grade
Timok copper project in Serbia and its Bisha copper and zinc
mine in Eritrea, in a partnership with Euro Sun Mining Inc
 ESM.TO . 

 (Reporting by John Benny and Karan Nagarkatti in Bengaluru)
 ((Karan.Nagarkatti@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 80 6749 4506; Reuters Messaging:
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